Nigeria, May 8 -- ExxonMobil is raring to complete the process that will formalise a new $1.5 billion deepwater investment in Nigeria, and so has arranged for a final investment decision (FID) to be made at most by September.

The financial commitment to the project, to be developed in the Usan deepwater oilfield to the east of the Niger Delta, will run from the second quarter of the year through 2027 as oil majors operating in Nigeria continue to drift offshore after offloading onshore assets.

ExxonMobil, which completed sale of its onshore and shallow water business to Seplat for $1.3 billion last year, already has a 30 per cent interest in the field. It holds the stake through an affiliate, Esso Exploration and Production Nigeria (Off...